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Buy-side use of average pricing contributed to rash of failed trades and give-ups last March Print this page
Everyone was blaming everybody else. In March 2020, a massive spike in volumes led to chaos in the futures markets, with delays and trade breaks pitting banks and brokers against exchanges and clearers – and pretty much everyone against post-trade vendors – in claim and counterclaim. At the time, the only camp to largely escape attention was asset managers.
But in the industry’s ongoing inquiry into what happened, one aspect of buy-side behaviour is being pinpointed as the biggest source of
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Obtain Cybersecurity Expertise; and
Require Notice to Law Enforcement.
Each of these elements is important, but we call particular attention to elements 3, 4, and 7.
Regarding #3, DFS notes that evaluating systemic risk is an urgent issue in today’s marketplace, where businesses increasingly rely on a handful of providers for authentication, cloud services, and other important functions. The Framework document references the recent SolarWinds attack as an example of a vendor supply chain issue having a widespread impact. It also expresses concern about the possibility of an incident at a major cloud provider. While cyber insurers are unlikely to view the Framework as requiring that businesses adopt specific technologies to mitigate systemic risk, it will likely result in cyber insurers increasing their oversight and potentially focusing on new issues such as vendor diversification, to limit outsized impacts that might result from an incident at a larger vendor.
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Globalization, digitalization, sustainabilization - three major waves of transformation are unfolding around the world. The social upheaval caused by these transformation processes has given rise to populist movements that endanger social harmony and threaten democratic values. What rules and institutions can promote stability in the face of such systemic risks? A new study published by the Institute for Advanced Sustainability Studies (IASS) offers some surprising answers.
The coronavirus pandemic has demonstrated for the first time how a systemic risk can sweep across our globalized world. It began with the little-noticed outbreak of an unknown illness in Wuhan. Then, like an avalanche, the virus spread swiftly throughout China, then to neighbouring countries, and across the globe. As its effects rippled through healthcare systems, disrupted global supply chains, industries, logistics and transportation networks, an initially local event stretched social systems world
Read more about RBI issues draft guidelines for derivatives trading in credit default swaps on Business Standard. RBI on Tuesday came out with the draft guidelines for allowing derivatives trading in the credit default swaps (CDS) in over-the-counter (OTC) markets and on recognised stock exchanges in the country